中信建投指出，2025年全年我国基建投资24.5万亿，较上年下降1.5%，全年狭义基建增速录得-2.2%。 其中管道运输业、仓储业、互联网服务业等重点领域基建投资保持较快增速，生态环保、水利、道路运 输、公共设施等行业投资降幅较大。2025年下半年以来一系列促投资政策落地，由于基建投资从资金到 项目形成实物工作量有一定滞后期，在新型政策性金融工具、超长期特别国债、新增专项债等政策工具 推动下，重点工程、重点领域基建投资有望在2026年上半年加速落地。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从沪深市场中选取涉及建筑与工程、机 械制造等业务的上市公司证券作为指数样本，以反映基础设施建设相关上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

Group 1 - The central viewpoint is that a series of pro-cyclical policies are being implemented to support high-quality economic development, including interest rate cuts and a potential for further reductions in reserve requirements and interest rates this year [1] - The new signed orders for Pudong Construction are expected to show a significant year-on-year recovery by Q4 2025, indicating a general recovery in construction demand in key regions [1] - The State Grid has announced that its fixed asset investment during the 14th Five-Year Plan period will reach 4 trillion yuan, a 40% increase compared to the previous plan, focusing on technological innovation and the construction of new power systems [1] Group 2 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies from the construction and engineering, and machinery manufacturing sectors to reflect the overall performance of the infrastructure construction field [1] - The index constituents cover multiple sub-sectors within infrastructure construction and professional engineering, demonstrating high industry concentration and representativeness [1]

大同证券指出，2026年初建筑行业呈现总量收缩与结构分化并行态势。基建投资在政策支持下展现 局部韧性，2026年财政定调积极，专项债发行前置发力，多地已启动首批发行，叠加新型政策性金融工 具效能释放，为重大项目提供充足资金保障。经营方面，地产、基建需求仍处筑底阶段，多地密集开工 重大项目扩内需，水利、新基建、海外业务及西部区域成为结构性亮点，国企改革与"建筑+科技"赛道 受关注；但房地产市场持续探底拖累房建业务，房地产成交持续承压，市场复苏乏力。高频数据显示上 游建材市场表现分化，水泥供需双弱、价格下行，螺纹钢产量环比增长但钢价低位运行，石油沥青装置 开工率同比下降，整体处于历史低位。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从建筑与工程、建筑装修行业中选 取上市公司证券作为样本，其成分覆盖基础设施建设、专业工程、房屋建设等多个细分领域，以反映基 建工程领域相关上市公司的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提 ...

Group 1 - The core viewpoint of the news is that the infrastructure ETF (159619) has seen a rise of over 1% due to policy support and expectations of improved demand [1] - In early January, policies were introduced to support infrastructure, with the National Development and Reform Commission recently approving or planning multiple major infrastructure projects, totaling over 400 billion yuan [1] - The expected growth rate of fixed asset investment in the first quarter is anticipated to turn positive, supported by the early release of a "dual" construction project list and a central budget investment plan of 295 billion yuan [1] Group 2 - The construction industry new orders index has risen for four consecutive months to 47.4% in December, indicating a marginal improvement in industry demand [1] - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in infrastructure construction, specialized engineering, engineering machinery, and housing construction [1] - The index's constituent stocks are primarily concentrated in the industrial sector, with a broad market capitalization distribution and high weight among the top constituent stocks, reflecting strong market representation and industry concentration characteristics [1]

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy, with expectations for an increase in the issuance of general bonds, ultra-long special bonds, and local government special bonds to support infrastructure investment [1] Group 1: Infrastructure Investment - The cleanroom sector shows high prosperity, with Yaxing Integrated having uncompleted contracts worth 6.105 billion yuan as of H1 2025, and new large orders continuing to be secured [1] - Shenghui Integrated's orders increased by 21.21% year-on-year, indicating significant growth in the IC semiconductor industry [1] - AI is driving an increase in chip demand, which in turn boosts the demand for cleanroom supporting projects [1] Group 2: Regional Infrastructure Trends - There are expectations of a recovery in infrastructure in certain regions, particularly in the central and western areas such as Sichuan and Xinjiang, where infrastructure prosperity is relatively high [1] - The strategic hinterland construction demand is expected to drive related investments [1] Group 3: Infrastructure ETF - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed company securities involved in infrastructure construction, professional engineering, and machinery from the Shanghai and Shenzhen markets [1] - This index reflects the overall performance of listed companies in the Chinese infrastructure industry and has high industry concentration and representativeness [1]

Group 1 - The construction and infrastructure industry is currently valued at historical lows, with significant support from funding sources [1] - The issuance of special bonds has reached 90% of the annual quota, and special government bonds have totaled 1.8 trillion yuan, indicating strong funding support for infrastructure [1] - The construction demand in regions such as Xinjiang and Tibet is noteworthy, reflecting a high level of infrastructure activity in central and western China [1] Group 2 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects 50 listed companies involved in infrastructure construction, specialized engineering, engineering machinery, and housing construction [1] - The index primarily focuses on the industrial sector, covering sub-sectors such as infrastructure and specialized engineering, effectively reflecting the development status of China's infrastructure industry [1]

Group 1 - The infrastructure ETF (159619) is showing positive performance, indicating a potential recovery cycle in the industry [1] - The cement sector is experiencing pressure on prices due to a decline in demand, despite policy-driven supply-side reforms that prohibit new capacity and promote the replacement of excess capacity [1] - Overall, the building materials sector is at a "policy bottom + profit bottom + valuation bottom," suggesting an opportunity for a recovery cycle in profitability as the market structure improves [1] Group 2 - The CSI Infrastructure Index (930608), which the infrastructure ETF tracks, selects listed companies involved in infrastructure construction, specialized engineering, and housing construction to reflect the overall performance of the infrastructure sector [1] - The CSI Infrastructure Index focuses on sub-industries such as construction and engineering, showcasing a high degree of industry concentration and a clear "infrastructure" attribute [1]

Group 1 - The core viewpoint of the article highlights that the infrastructure ETF (159619) has risen over 2%, driven by the construction materials sector benefiting from a "high-low switch" in funding and an optimized industry structure [1] - The consumption building materials sector is experiencing a slowdown in price wars in areas such as coatings and waterproofing, with leading companies gradually recovering profitability through price increases, while smaller firms exit the market due to declining demand, leading to a significant increase in market concentration among leading enterprises [1] - The cement sector is being supported by policy-driven supply-side reforms, which prohibit new capacity and promote the replacement of excess capacity, but there are divergences among companies due to declining demand, causing resistance to price increases during peak seasons and short-term price pressure [1] Group 2 - Overall, the building materials sector is at a "policy bottom + profit bottom + valuation bottom," and the optimization of the structure in sub-sectors is expected to initiate a profit recovery cycle [1] - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in infrastructure construction, professional engineering, and housing construction from the Shanghai and Shenzhen markets to reflect the overall performance of related listed companies in the infrastructure sector [1] - The CSI Infrastructure Index focuses on sub-industries such as construction and engineering, and building decoration, characterized by a strong "infrastructure" attribute and high industry concentration, capable of comprehensively reflecting the overall performance of enterprises in the infrastructure sector [1]

Core Viewpoint - The infrastructure ETF (159619) has seen a significant inflow of 25 million units, indicating strong investor interest in infrastructure assets amid international uncertainties such as the US-China tariff disputes [1]. Group 1: Market Dynamics - The National Development and Reform Commission announced a new policy financial tool worth 500 billion yuan, aimed at injecting capital into projects and enhancing investment stability through a combination of capital support and bank loans [1]. - The focus on domestic demand and infrastructure, particularly in high-demand sectors like water conservancy, is expected to benefit from increased government support in response to external market volatility [1]. Group 2: ETF and Index Characteristics - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in the construction and machinery sectors to reflect the overall performance of China's infrastructure construction industry [1]. - The CSI Infrastructure Index has a high industry concentration, prominently featuring leading enterprises in the sector, characterized by a strong state-owned enterprise presence and relatively low valuation levels, along with good liquidity [1].

Group 1 - The core viewpoint indicates that the construction industry is showing signs of recovery, with the business activity index rising to 49.3%, an increase of 0.2 percentage points from the previous month [1] - New orders and business activity expectation indices have improved by 1.6 and 0.7 percentage points respectively, indicating a synchronized improvement in the sector [1] - The National Development and Reform Commission has announced a total of 500 billion yuan in new policy financial tools aimed at supplementing project capital, with funds being rapidly allocated to specific projects [1] Group 2 - The construction industry is expected to see a rebound in prosperity due to the accelerated implementation of key construction projects and special bond funds [1] - The manufacturing PMI production index has reached its highest level since April 2025, with external demand improving more than internal demand, which may indirectly support the construction and decoration industries [1] - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in the construction and machinery sectors to reflect the overall performance of the infrastructure construction field in China [1] Group 3 - The CSI Infrastructure Index has a high industry concentration, clearly reflecting the "infrastructure" theme, with constituent stocks primarily consisting of leading enterprises in the industry [1] - The index has a high state-owned enterprise characteristic, relatively low valuation levels, and good liquidity [1]